The Mexican Central Bank raised rates by 50 basis points
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The Mexican Central Bank has raised rates by 50 basis points.
Reuters reported that the Mexican Central Bank board member Gerardo Esquivel voted in favour of raising the target for the overnight interbank interest rate by 25 basis points to 10.25%:
”The decision to raise the interest rate by 50 basis points was not unanimous, however, the board considers it will still be necessary to raise the reference rate in its next monetary policy meeting.
Subsequently, it will assess if the reference rate needs to be further adjusted as well as the pace of adjustments based on the prevailing condition.”
The decision was anticipated and has little impact on the Mexican Peso. Overall, however, the bulls are in control although have been forced back from daily resistance.
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